Vietnam formally legalizes sports betting

Starting late March Vietnamese can bet on horse and greyhound races as well
as a select number of soccer matches.

After years of deliberation, Vietnam has finally made a historic decision to
legalize sports betting.

A new decree released on the government’s official website on Friday will
allow citizens to bet on international soccer games and horse and greyhound
races starting March 31.

Online betting is out of question for now. Only those above 21 years old are
allowed to gamble and bookmakers have to be at least 500 meters away from
schools and public venues for children.

The minimum bet value is VND1,000 (4.42 cents) while the daily maximum limit
is VND1 million ($44).

The decree only allows betting on international soccer games recognized by
the governing body FIFA and approved by Vietnam's sports ministry.

Operators of bookmaking businesses will have to meet strict capital
requirements: VND1 trillion ($44.2 million) for horse racing and soccer and
VND300 billion ($13.2 million) for greyhound. A bidding process will be held to
select one soccer betting provider for a five-year trial phase.

After years of deliberation, Vietnam has finally made a historic decision to
legalize sports betting.

A new decree released on the government’s official website on Friday will
allow citizens to bet on international soccer games and horse and greyhound
races starting March 31. vietnam-formally-legalizes-sports-betting

People watch football at a cafe in Vietnam. Photo by AFP

Online betting is out of question for now. Only those above 21 years old are
allowed to gamble and bookmakers have to be at least 500 meters away from
schools and public venues for children.

The minimum bet value is VND1,000 (4.42 cents) while the daily maximum limit
is VND1 million ($44).

The decree only allows betting on international soccer games recognized by
the governing body FIFA and approved by Vietnam's sports ministry.

Operators of bookmaking businesses will have to meet strict capital
requirements: VND1 trillion ($44.2 million) for horse racing and soccer and
VND300 billion ($13.2 million) for greyhound. A bidding process will be held to
select one soccer betting provider for a five-year trial phase.

Officials started working on sports betting rules in 1999 but debates after
debates delayed the legalization.

Vietnam now has one greyhound race course in the southern beach town of Vung
Tau. A $100 million horse race course will be opened in the southern province
of Binh Duong in April. Hanoi will also build a horse racetrack, a $500 million
project that has been delayed for some time.

The government last month also said it would allow citizens over 21 years
old with a monthly income of at least VND10 million ($445) to hedge bets in
local casinos from mid-March under a three-year pilot program, breaking a
long-year ban of gambling among locals.

All these recent moves show the government has shifted its stance on
gambling, once considered a "social evil."

Many locals have broken the long-running gambling ban, creating a lucrative
illegal industry for online betting. A number of online operations have been
busted in recent years.